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General Mills Inc GIS

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General Mills’ Fiscal 2022 Off to a Strong Start, Despite Many Trials; Shares Slightly Undervalued

Analyst Note

| Rebecca Scheuneman, CFA |

Despite significant challenges with labor and product shortages, General Mills realized 2% organic sales growth in its August-ending fiscal first quarter, even as it lapped 10% organic sales growth in the year-ago period. Initial pricing actions, strong growth in pet food (11% of sales), and a recovery in food service (11%) more than offset a decline in U.S. retail (58%), which faced a difficult comparison.

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Company Profile

Business Description

General Mills is a leading global packaged food company that produces snacks, cereal, convenient meals, yogurt, dough, baking mixes and ingredients, pet food, and superpremium ice cream. Its largest brands are Nature Valley, Cheerios, Old El Paso, Yoplait, Pillsbury, Betty Crocker, BLUE, and Haagen-Dazs. In fiscal 2021, 75% of its revenue was derived from the United States, although the company also operates in Canada, Europe, Australia, Asia, and Latin America. While most of General Mills' products are sold through retail stores to consumers, the company also sells products into the food-service channel and the commercial baking industry.

Number One General Mills Boulevard
Minneapolis, MN, 55426
T +1 763 764-7600
Sector Consumer Defensive
Industry Packaged Foods
Most Recent Earnings Aug 31, 2021
Fiscal Year End May 29, 2022
Stock Type High Yield
Employees 35,000